Saturday, July 2, 2022

CNOOC seeking coordinator to lift its share of Guyana oil

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Chinese oil company CNOOC is looking for a coordinator to lift is share of oil when production gets underway at the 120,000 bpd Liza Phase 1 Development project offshore the South American country of Guyana.

In a notice published in the local press, CNOOC Petroleum Guyana Ltd. said it was seeking a Liftings/Operations Coordinator who will be responsible for its share of crude oil from the Stabroek Block, in compliance with local regulations and policies.

The company has a 25% working interest in the Stabroek Block with ExxonMobil as operator (45%) and co-venturer Hess (30%).

Director of Guyana’s Department of Energy, Dr. Mark Bynoe, told reporters at a recent press conference in Georgetown that efforts are being made to put in place preparations for how the government sells its share of crude when production begins.

“We will be looking for an entity to provide that service on a transparent basis…we are looking for an advisor to assist us in creating that tender document to go out to the market. The process will be completed before end of the year. Guyana will be selling its share independently to get the best price,” he said.

To date, the Stabroek explorers have discovered more than 5.5 billion barrels of oil equivalent and the search for more crude is underway. ExxonMobil’s 13 discoveries will see multiple developments offshore with 5 FPSOs by 2025, producing some 750,000 bpd.


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